Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China

被引：10

作者：

Zhang, Wei ^{[1
]}

Liu, Yun ^{[1
]}

Zhang, Fengyun ^{[1
]}

Dou, Huan ^{[2
]}

机构：

[1] Shandong Univ Finance & Econ, Sch Stat, Jinan, Peoples R China

[2] Jinan Univ, Sch Management, Guangzhou, Peoples R China

来源：

FRONTIERS IN PSYCHOLOGY | 2022年 / 13卷

关键词：

green credit policy; stock price crash risk; financial constraints; information transparency; corporate sustainability; EMPIRICAL-ANALYSIS; IMPACT; INFORMATION; INVESTMENT; MARKET; FIRMS; TRANSPARENCY; DISCLOSURES; LIQUIDITY; COST;

D O I：

10.3389/fpsyg.2022.891284

中图分类号：

B84 [心理学];

学科分类号：

04 ; 0402 ;

摘要：

Using the promulgation of Green Credit Guidelines in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green credit policy on the stock price crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability.

引用

页数：15

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